Implementing Enterprise Risk Management (ERM) Protocols Workflow

Define Enterprise Risk Management (ERM) Objectives

Type: Fill Checklist

Define Enterprise Risk Management (ERM) Objectives is the initial step in the ERM process. In this phase, stakeholders identify and agree upon the organization's risk management objectives, which are aligned with its overall strategy and goals. This involves: * Identifying key business areas and processes that require risk consideration * Determining the acceptable level of risk for each area or process * Establishing clear risk management policies and procedures * Defining the roles and responsibilities within ERM The objectives defined in this step serve as a guiding framework for the subsequent steps in the ERM process, ensuring that all subsequent activities are directed towards achieving the established goals. This clarity of purpose enables stakeholders to understand how their individual tasks contribute to the overall risk management strategy and goals of the organization.